AdvancePierre Foods, Inc. Key Developments

Barber Foods' Sale Reportedly Put On Hold

Jul 23 15

Sale of AdvancePierre Foods, Inc.'s subsidiary Barber Foods, LLC has reportedly been postponed following the July 12, 2015 Department of Agriculture recall of 1.7 million pounds of raw stuffed-chicken products from its Barber division. Oaktree Capital Management, L.P., owner of AdvancePierre Foods, Inc., which hired Morgan Stanley and Rothschild to handle the auction, has delayed the auction. "No sale is going to happen this month," a source said, "perhaps not this summer." Oaktree declined comment.

AdvancePierre’s Sale On Hold

Jul 22 15

Oaktree Capital Management, L.P. was ready to take final bids for the business last week before AdvancePierre Foods, Inc.’s Barber Foods, LLC was forced to recall 1.7 million pounds of raw stuffed-chicken products. On July 12, 2015 the day before final bids were due, the Department of Agriculture announced the recall after several people fell ill from Barber products because of salmonella contamination. Bidders were caught by surprise, according to sources. Oaktree, which hired Morgan Stanley and Rothschild to handle the auction, has delayed the sale while the company and potential buyers get a better grip on the cause of the outbreak. “No sale is going to happen this month,” a source said, “perhaps not this summer.” Oaktree declined comment, reported New York Post.

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